In the world of cryptocurrency markets, there are plenty of analysts famed for their forecasts. Their long-standing predictions form their report cards, and one such analyst, well-recognized for his accuracy in predicting lows, recently made a valuation that might excite investors. So, what’s next for cryptocurrencies?
Recalling roughly four years ago, the crypto strategist accurately predicted Bitcoin’s bottom in 2018. Going by the pseudonym ‘Bluntz’, the senior analyst shared his latest market prediction about two days ago. He suggests that Bitcoin appears to be gearing up for a rally towards $29,000.
According to Bluntz, Bitcoin’s current market structure is reminiscent of the price movement in the second half of 2019 when BTC surged from about $8,000 to $12,000 within less than a month.
“I’m actually open to the idea of BTC bouncing slightly higher than the top of the channel, similar to 2019. This would probably provide the opportunity for altcoins to enjoy more of a rise, as some are poised to do.”
Despite expecting a short-term Bitcoin bounce, Bluntz believes the rally will be short-lived, with BTC eventually reverting back to the $20,000 level. Considering the current state of cryptocurrencies, an anticipated interim rise could materialize with the increasing support from Hong Kong, the Fed, and institutional demand. As investors appear to have distanced themselves from the market following a turbulent past year, making clear predictions in the short to mid-term remains challenging.
At the time of writing, the price of Bitcoin is finding buyers at $27,190.
In addition to Bitcoin, another cryptocurrency the analyst is currently interested in is AVAX. According to his latest prediction, the popular Ethereum competitor could also experience a short-term bounce.
“There’s a nice setup on AVAX: it’s making a nice engulfing daily right after we swept a major low. Not sure how high it’s going to bounce, but I think it’s definitely worth playing for now.”
Despite today’s Bitcoin rise, the lack of volume in the markets continues, with most altcoins failing to record significant gains.